Finance ministry signs MOUs with six banks for Obor
Xiao Jie, the Minister of Finance, said memorandums of understanding had been signed with six development banks that will provide loans for countries along the Belt and Road (Obor) region, the Paper reported on Sunday evening. Xiao also said capital financing guidelines will be set up involving taxation, trade, investment, the promotion of transparency, increased public-private partnerships, and cooperation with development banks.
PBOC says current expansion of Silk Road funds ‘very necessary’
The People’s Bank of China Deputy Governor Yi Gang said on Sunday that the influx of funds into the new Silk Road was “very necessary,” China News reported on Monday morning. The influx of cash will increase the flexibility of funding especially for infrastructure projects, Yi said.
Seven countries boost AIIB membership to 77
The Asian Infrastructure Investment Bank (AIIB) board of directors has approved the addition of seven members, including Bolivia, Chile and Greece, bringing the total to 77, the Paper reported.
China to cut 150 million tons of coal production capacity in 2017
The country plans to cut 150 million tons of coal production capacity in 2017, and close up to 1,000 coal mines in Shanxi, Gansu, Inner Mongolia, Henan and 12 other provinces by the end of November, the Securities Daily reported.
Sichuan reforms industries, caps growth in cement and glass
Sichuan has capped capacity on cement and flat glass industries, the Paper reported, with growth banned till the end of 2020. It will also accelerate upgrades in the construction material industry to cut production prices, it added.
Nanjing locks homeowners in for three years
Homeowners in Nanjing, Jiangsu province, will not be allowed to sell their new homes for three years after receiving a property certificate, the Paper reported.
Guangxi to carry out affordable housing scheme
Guangxi will start pilot schemes on leasing and selling affordable housing as well as cultivate a rental market, the Paper reported. It will encourage enterprises and individuals to lease their own homes as part of the 13th Five Year Plan, it said.
Nation buys time for long-term property cooling measures
More than 60 cities across the country introduced up to 100 property control measures in the past two months to cool down the heated market, the Securities Daily reported. The whack-a-mole game between control measures and housing prices is to buy time for a long-term mechanism to be established, the report added.
Systemic risks lower in bank sector, but higher in joint-stock banks
A Tsinghua University study found that systemic risks in the bank sector had decreased in the first quarter of this year, but it had risen for joint-stock banks, Caixin said on Saturday evening. The joint-stock banks include China Minsheng, China Everbright bank and Shanghai Pudong Development Bank.